Bull Flag Day 3: Breadth Strengthens as QQQ Triggers Entry...Powell Reports to Congress & FOMC Minutes...

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Fed Chairman Powell will give his semiannual monetary policy testimony 10 am ET to the House Financial Services committee on Wednesday and to the Senate Banking Committee on Thursday.   FOMC June meeting minutes will be released tomorrow at 2 pm ET.

The DJIA, closed down 22 points at 26,783, led by weakness in MMM, UNH, IBM, PG and HD.  Closing above 26,000 above for the twenty-first straight day. 

Eight of eleven sectors were higher on Tuesday, led by communication services XLC +0.62% and real estate XLRE +0.53%. 

SPY up .37 at 297.19 on 41.1 million shares, 37% below average volume.  Up on lower volume.

VIX up .13 at 14.09

Oil up .77 at 58.34

TLT down .05 at 132.56 on 6.2 million shares. 

GS +0.98%, MRK +0.98%, led the DJIA, 13 advancers, +3

TWTR +3.29%, FTNT +2.55% and MU +2.33%, led the SPX.

AMD +3.46%, BMRN +3.41%, WDC +3.23% and CTRP +3.10% led the NDX.

Long term up trend intact.  3-day short term trend is sideways.

Up: QQQ, IWM, SPY

Down: DIA,

Breadth strengthened on Tuesday, as advancers led 1,470 to 1,358 on the NYSE and led 1,605 to 1,471 on the NASDAQ

The SPY MFC green line is in the upper zone at 96 and is short-term bullish. 

Uptrend sectors: XLP, XLY, XLK, XLB, XLRE, XLU, XLI, XLC, XLV, XLF,

Neutral sectors:  XLE,

Down trend sectors:

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

64 of 100 NDX stocks closed higher on Tuesday.

87 NDX stocks are above their 30 DMA:  PEP, CERN, CTAS, CHTR, IDXX, XRAY, TTWO, MELI, MDLZ, WLTW, AMGN, COST, HAS, ILMN, SBUX, VRSN, EXPE, FISV, INTU, PCAR, PYPL, SNPS, LBTYA, MSFT, MXIM, ROST, BKNG, CTSH, EBAY, GILD, ISRG, MAR, AAPL, ADI, AMZN, CDNS, DLTR, INTC, WBA, CTXS, UAL, AAL, ATVI, LULU, SIRI, FB, TSLA, VRTX, ADBE, INCY, SYMC, AMAT, ASML, AVGO, JD, KLAC, MCHP, NFLX, NVDA, NXPI, SWKS, TXN, WYNN, XLNX, ALXN, KHC, MNST, QCOM, WDC, MYL, AMD, CTRP, MU, ADP, CHKP, FOXA, JBHT, VRSK, ADSK, CMCSA, GOOGL, WDAY, CSCO, ORLY, ULTA, BIDU, BIIB, LRCX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 3

BIDU, BIIB, LRCX,

Moving Below 30 DMA = 3

ADP, CSX, TMUS,

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